Longbine Company's ledger at the end of the current year shows Accounts Receivable of $150,000.

Instructions
a. If Allowance for Doubtful Accounts has a credit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period.
b. If Allowance for Doubtful Accounts has a debit balance of $3,000 in the trial balance and bad debts are expected to be 6% of accounts receivable, journalize the adjusting entry for the end of the period

Answer rating: 100% (QA)

Requirement a Accounts title Debit Credit Bad Debt Expense 6000 Allowance fo... View the full answer